Intense heat waves drive up seafood prices, spotlighting need for stronger climate response

Fresh fish are displayed at a large supermarket in Seoul, Monday. Yonhap

Seafood prices, including fish and shellfish, have been fluctuating widely this summer due to repeated heat waves, government data showed Friday.

The scorching temperatures also increase the risk of mass deaths among farmed fish, making further price hikes likely for sashimi-grade species such as flatfish and rockfish.

Data from Statistics Korea showed that the fish and shellfish price index rose 7.6 percent in July from the same month last year, marking the largest increase in two years and five months since it rose 8.1 percent in February 2023.

The rate of increase exceeded that of all agricultural, livestock and fishery products, which climbed 2.1 percent, and the fresh food index, which gained 2 percent.

By product, yellow croaker prices jumped 13.4 percent from a year earlier, while mackerel and oysters rose 12.6 percent and 12.7 percent, respectively. Shrimp prices climbed 9 percent, dried seaweed 8.2 percent and dried squid 6.6 percent, all surpassing the overall inflation rate.

In particular, peak summer heat could push farmed seafood prices sharply higher, as higher water temperatures lead to greater mortality among farmed fish.

Data from the Korea Maritime Institute showed that the wholesale price of flatfish reached 17,500 won ($13) per kilogram in the last week of July, a 21.2 percent increase from a year earlier, while rockfish prices rose 9.3 percent over the same period to 11,200 won per 500 grams.

The Ministry of Oceans and Fisheries is working to stabilize supply by encouraging early shipments, but uncertainties remain due to potentially rising mortality rates amid intensifying heat waves.

A bigger concern is that such patterns have been repeating year after year.

The National Assembly Budget Office emphasized the urgent need for long-term structural reforms, as climate change has become a persistent challenge.

“Fisheries and aquaculture laws should incorporate measures to address climate change impacts, conduct surveys and evaluate vulnerabilities, while ensuring these measures are systematically implemented,” the office said in a recent report.

In an effort to restructure the industry and adapt to climate change, the fisheries ministry is working to further boost related budgets.

This year’s budget includes 500 million won for developing standardized smart aquaculture models and 5.8 billion won to support automation equipment at existing fish farms. It also allocates 220.6 billion won for fisheries restructuring, including vessel reductions.